Stay Safe: Protect Yourself From Identity Theft and Fraud

Identity theft happens when someone steals your personal information, like your Social Security number, credit card number, or bank account details, and uses it without your permission. Identity fraud is when the thief uses that stolen information to pretend to be you and commit crimes, like opening credit cards in your name, taking out loans, or even filing fake tax returns to get a refund.
 
How Does This Affect You?
When your identity is stolen, it can cause big problems in your life. For example:
Losing Money: Thieves might spend your money or take out loans in your name, leaving you with bills you didn’t create.
Ruining Your Credit: If they don’t pay the loans or bills they opened in your name, it can hurt your credit score. This makes it harder for you to get loans, buy a house, or even get some jobs.
Wasting Time and Energy: Fixing the mess takes a lot of time. You might have to contact your bank, file reports, and prove that you didn’t make those purchases or open those accounts.
Emotional Stress: Knowing that someone is pretending to be you can make you feel scared, angry, or worried.
Identity theft can happen to anyone, but staying informed and careful with your personal information can help protect you.
 
What are the most common types of identity fraud?
1. Financial Identity Theft
This is the most common type of identity theft. It happens when a thief uses your personal information, like your Social Security number or credit card details, to steal money, open credit cards, or take out loans in your name.
2. Tax Identity Theft
A fraudster files a fake tax return using your Social Security number to claim a refund. You often find out when the IRS rejects your real tax return because one has already been filed.
3. Medical Identity Theft
Thieves use your identity to get medical care, prescriptions, or health insurance benefits. This can lead to incorrect medical records or unpaid bills in your name.
4. Account Takeover Fraud
This occurs when someone gains access to your online accounts—such as your bank, email, or shopping accounts—and uses them to steal money or make unauthorized purchases.
5. Child Identity Theft
Fraudsters use a child’s Social Security number to open credit accounts, apply for loans, or commit other fraud. Since children typically don’t monitor their credit, this can go undetected for years.
 
How can you protect yourself?
Strengthen Your Passwords: Use complex, unique passwords and a password manager.
Enable Two-Factor Authentication: Add an extra layer of security to your accounts.
Monitor Financial Statements: Regularly review bank and credit card statements for unauthorized transactions.
Stay Cautious Online: Avoid clicking on suspicious links or sharing sensitive information via email or text.
 
What to do if you believe your information has been compromised?
Report the issue to your bank or credit union immediately.
Contact Experian, Equifax and Transunion credit bureaus to place a fraud alert.
File a report with the FTC or local law enforcement.
Keep detailed records of communications and actions taken.
 
How can Prospera help and protect you?
Our members have the ability to choose from a wide variety of authentication options to ensure their online banking is secure.
Assistance in resolving issues if identity theft occurs – We can help guide members on the next steps to take if identity theft occurs and take appropriate action to protect their account.
 
Taking time at the beginning of the year to evaluate and adjust your financial strategies can set the tone for long-term success. By following these steps, you can gain greater control over your money, reduce financial stress, and work toward your goals with confidence. Remember, financial well-being is an ongoing journey, and starting strong is the key to staying on track.

Ready to take the next step? Prospera is here to help. Visit our website, call, or stop by one of our branches to speak with a Financial Service Representative. Together, we can create a personalized plan to make 2025 your most prosperous year yet!